Category: Featured

Tax time can get overwhelming, especially if you’re a self-employed individual trying to figure out how your business fits into the tax system. But good news to all self-employed individuals—such as independent contractors, locum tenens, CRNAs, freelancers, gig workers, and small business owners—filing and paying taxes is easier and simpler than you think once you… Continue reading Pass-Through Entities: Who Actually Pays the Taxes? 

An S corporation is a popular business structure for many self-employed individuals—locum tenens, CRNAs, independent contractors, or small business owners because of its tax advantages particularly for lowering self-employment taxes. However, when it comes to deducting vehicle expenses, there are rules that must be observed depending on who owns the vehicle.  Personal Vehicles Used in… Continue reading S Corporation: Deducting Business Use of Vehicles 

For many self-employed individuals—locum tenens, CRNAs, independent contractors, or small business owners, electing an S corporation is a smart move bringing in benefits to their business particularly when it comes to lowering their self-employment taxes. However, deducting health insurance premiums for S corp owners can be complicated since there are certain IRS rules and limitations… Continue reading S Corp Owners: What to Know About Health Insurance Deduction 

Small business owners and self-employed individuals—such as locum tenens, CRNAs, freelancers, gig workers, and independent contractors—are typically familiar with the 1099 form, which they receive each January for services rendered in the previous year. But chances are they will also need to file a 1099 form to the Internal Revenue Service (IRS) if they hired… Continue reading Self-Employed, Am I Required to File a 1099 Form? 

Generally, self-employed individuals and small business owners must pay estimated taxes to stay compliant with the Internal Revenue Service (IRS).  What are Estimated Taxes?  Estimated taxes are tax payments made quarterly by self-employed individuals and small business owners to avoid penalties and interest for underpayment at the end of the year. It covers income tax,… Continue reading Estimated Tax Deadlines for the Year 2025 

Tax refund delays are a common frustration for taxpayers, especially for families counting on their refunds for essential expenses. One issue that often caused such delays is the duplicate dependent claims that require time-consuming reviews by the Internal Revenue Service (IRS).  And just recently, the IRS has announced an initiative-taking approach to address this concern.… Continue reading Prevent Refund Delays in 2025 with an IRS IP PIN 

Retirement planning can feel like a complex task especially for the self-employed. Although its importance has long been established, statistics show that even more people fall behind their target savings. According to the Federal Reserves, only 34% of the non-retirees in 2023 feel like their retirement savings are on track (a decline from the 40%… Continue reading SECURE Act 2.0: Key Retirement Benefits for You 

The Internal Revenue Service recently announced the contribution limits for retirement accounts effective January 1, 2025. Here’s how much you can save for retirement with a 401(k) and an IRA in 2025:   401(k) Updates for 2025  Contribution Limit. The maximum amount that individuals can contribute to their 401(k) in 2025 is $23,500, an increase from… Continue reading 2025 IRS Updates for 401(k) and IRA Limits 

The new Beneficial Ownership Information Reporting (BOIR) from FinCEN (Financial Crimes Enforcement Network) requires many companies to report information about the company itself, its applicant (for companies registered in 2024 onwards), and its beneficial owners- the individuals who owns or controls the business.   Sole proprietors or single-member LLCs are automatically identified as their company’s beneficial… Continue reading FinCEN’s Beneficial Owners of a Company: What You Need to Know 

If you pay interest on a qualified student loan, you may just be able to take a deduction up to $2,500 to lower your taxable income. The question is are you eligible to claim a student interest loan deduction?   Eligibility and Qualifications  The great thing about this benefit is that it is an adjustment to… Continue reading Student Interest Loan Deduction:  How to Qualify?